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Australia Home Lending At Lowest Level Since 1991

Posted on July 01, 2008

The worldwide housing bust continues to pick up steam. Down under, Home lending growth plunges to lowest level since 1991.HOME lending growth has suffered its biggest decline since the 1991 recession while inflation continues to soar, confronting the Reserve Bank with the dilemma of a slowing economy and simultaneously rising prices as it meets today to set interest rates.The slump in home loan growth led a general slowdown in credit, with increases in total borrowing at a three-year low and personal loans growing at their slowest pace in six years.Soaring petrol prices and rising rents caused...

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economy , housing , inflation , interest rates , oil